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Key Insurance Company Limited has entered into an agreement for the divestment of its investment property located at 18-22 Knutsford Boulevard in St Andrew.
The sale of the property will be completed in the first quarter of 2021, the company said Wednesday.
The insurance company has also launched a renounceable rights issue with the aim of raising equity funding of approximately J$670 million.
In March 2020, GraceKennedy, through its wholly owned subsidiary, GraceKennedy Financial Group Limited, acquired 65 per cent of Key s share capital.
Chairman of Key Insurance, Don Wehby said that the rights issue is one component of the overall strategy implemented by Key’s board and management team in 2020 geared towards strengthening the company’s capital base so as to ensure regulatory compliance and future growth.